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NRIs Expect Tax Relief in Budget 2025: Key Issues Highlighted
21 January 2025 at 08:53As Finance Minister Nirmala Sitharaman gears up to present the Union Budget 2025, the global Indian diaspora of 35.42 million is hopeful for much-needed tax reforms.
Securities Transaction Tax Revenue Jumps 75% Despite Stock Market Swings
21 January 2025 at 08:53The Securities Transaction Tax (STT) collections have witnessed an unprecedented rise, soaring by over 75% to ₹44,538 crore as of January 12, 2025, compared to ₹25,415 crore during the same period in 2024.
Budget 2025: Govt Plans to Phase Out Old Tax Regime
20 January 2025 at 08:48In the upcoming Budget for FY26, Finance Minister Nirmala Sitharaman is expected to announce a roadmap for the gradual phasing out of the old personal income tax regime over the next few years.
Income Tax Department Uncovers Rs 1070 Crore in Wrongful Claims by 90,000 Salaried Individuals
20 January 2025 at 08:48As of December 31, 2024, approximately 90,000 salaried individuals from both public sector undertakings (PSUs) and the private sector have voluntarily withdrawn incorrect tax deductions totalling Rs 1,070 crore.
Govt Considers Personal Tax Relief in Budget 2025 to Boost Consumption
20 January 2025 at 08:48As the Union Budget 2025 approaches, growing expectations suggest that the government is actively considering personal tax relief measures aimed at boosting consumption and accelerating economic recovery.
EV Industry Seeks GST Cut on Batteries & Infrastructure Status for Charging Stations in Upcoming Budget
20 January 2025 at 08:48The Electric Vehicle (EV) industry is calling on the government to slash the GST on EV batteries from the current 18% to 5%, aligning it with the GST rate applied to electric vehicles.
DGGI Busts Rs 11 Crore GST Input Tax Credit Fraud
20 January 2025 at 08:48In a significant breakthrough, the Directorate General of GST Intelligence (DGGI), Bhubaneswar Zone, has unearthed a massive GST fraud involving bogus input tax credit (ITC) transactions worth Rs 11 crore.
Budget 2025: New Income Tax Law and Expectations
20 January 2025 at 08:48The upcoming Budget 2025 session of Parliament is set to witness the introduction of a brand-new Income Tax Bill, aimed at simplifying the decades-old Income Tax Act of 1961. A
Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7
18 January 2025 at 07:55In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1For individuals being a resident
US-India Tax Forum Proposes Key Tax Reforms Ahead of Union Budget 2025
18 January 2025 at 07:55Ahead of the Union Budget 2025, the US-India Tax Forum, under the US-India Strategic Partnership Forum (USISPF), has put forth recommendations aimed at simplifying India's tax framework and boosting investor confidence.
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